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ETH 
SOL Galaxy Research's views on Ethereum and Solana token issuance proposals
Galaxy Research expressed its views to its customers on Ethereum and Solana's proposals to consider reducing the online token issuance rate respectively. The company also warned that changes in the supply of tokens are not the only factor affecting the prices of these two assets, but demand is the decisive force.
How do Ethereum developers plan to reduce token issuance?
Lucas Tcheyan, vice president of research at Galaxy, pointed out in a report to clients that demand will determine the next step for tokens. He made his remarks against the backdrop of a backdrop that developers of both Ethereum and Solana chains are proposing plans to slow down the minting of new coins. Ethereum's proposal (EIP-8361) introduces a "progressive issue burning" mechanism, where verifier rewards will gradually burn to zero once 50% of all Ethereum (ETH) is pledged. Based on the current pledge rate, which accounts for about one-third of total supply, the consensus level yield will drop from about 2.6% to 1.2%. The proposal, submitted by six researchers including Justin Drake of the Ethereum Foundation, will be phased in over 18 months, providing pledgers with nearly two years of response time. The proposal has not yet been put to a vote and is being considered for inclusion in a split version of the Ethereum upgrade planned for this fall (Hegotá, a post-GlamAmsterdam upgrade). The final selection of the proposal will last until November. If approved, the actual implementation may not be until the end of 2027. Aave founders Stani Kulechov and Sharplink have publicly opposed the proposal, and Sharplink CEO Joseph Chalom believes that verifiers could face losses once hardware and power costs are factored in. A verifier survey showed that 99.77% opposed it; during an all-core developer conference call on August 6, the submitters of the proposal even proposed a complete withdrawal.
What proposal did Solana propose?
On the other hand, Solana is advancing two proposals through its new on-chain governance system. The first, SIMD-0550 (SGP-0002), written by Helius engineers Lostin and 0xIchigo, aims to double the annual de-inflation rate to 30%, advance the terminal inflation rate of 1.5% from 2032 to 2029, and remove approximately 18.9 million SOLs from future emissions. Under the author's assumed 68% pledge participation rate, the initial pledge yield was approximately 5.84%, which dropped to 4.34% one year later, to 3% two years later, and to 2.25% three years later. The second item, SIMD-0553 (SGP-0003), was proposed by Cavemanloverboy of Temporal, and aims to replace Solana's fixed per-signature fee with a resource consumption-based charging model that dynamically adjusts with the computing needs of the transaction and is directly destroyed. Galaxy pointed out that this could increase the daily SOL destruction volume from about 650 to 7500 to 9000. At current prices, the daily destruction amount will increase from approximately $47,000 to a maximum of $650,000. However, even at the upper limit, the destruction volume was offset by inflation of about 60,000 SOLs per day. Solana's proposals have caused less controversy than Ethereum, which Galaxy believes is partly because versions of the ideas have been circulating for more than a year. Both proposals have received an active pledge voting threshold of more than 15%, entered the discussion stage, and require two-thirds of the decisive vote to be passed. The discussion period will end on August 22, 2026. DeFi Development Corp., which uses SOL as its main reserve asset. (NASDAQ: DFDV) expressed support for both proposals on August 4 and will vote in favor.
